US Treasury yields (^TNX 0.52% ) are falling sharply across the curve which can often happen during FOMC weeks, but the combination of this being the last business day of the month could fuel positioning needs for Indexers and Treasuries are certainly getting a boost from USDJPY (People can borrow Yen more cheaply to buy higher-yielding Dollars) Furthermore, 2Q employment cost index missed estimates 0.9% vs. 1.0% expected and we're certainly seeing some relief on the Supply front- Govt announced debt sales will total 125 billion next week, and buybacks doubled. So labor costs declining, coupled with US Treasury refunding holding steady and weaker economic data while USDJPY plunges are all bullish for Treasuries. This is the move which looked likely for Treasury yields after it broke down in late May and i anticipate a break of 4.00% in the weeks ahead. Any FOMC hint on dovishness will help this accelerate further. It's right to be long TLT -0.66%  with targets in high 90s near 100, and TMF -3.03%  is a more aggressive leveraged ETF offered by Direxion which is also appealing.